The Howard Hughes Corporation Unveils Plans for Office Tower at 110 North Wacker Drive in the Heart of Chicago's Central Business District

03.16.2017

The Howard Hughes Corporation®
(NYSE: HHC) received unanimous approval at today’s Chicago Plan Commission
meeting for its future trophy-class office building to be built at 110 North
Wacker Drive, in collaboration with Riverside
Investment & Development, Goettsch
Partners and CBRE – the development,
design and leasing team behind the recently completed 150 North Riverside Plaza
office tower. With its prominent riverfront location, 110 North Wacker is a
highly desirable office development site in the heart of the city, designed to
be a dynamic addition to Chicago’s iconic skyline.

Set
between prestigious Wacker Drive and the Chicago River, the 51-story Class-A
building is being designed by Chicago-based Goettsch Partners, internationally
renowned for their exceptional high-rise design and technical expertise. The
1.35 million-square-foot tower is wrapped in a high-performance,
aluminum-and-glass curtain wall and will feature sweeping views up and down the
river, as well as of the Chicago skyline and Lake Michigan. The tower will also
feature an abundance of first-class modern amenities, including retail and
dining options, a conference center, a fitness facility and state-of-the-art
building systems.

“Our
vision is to deliver the next evolution of premier office space in the heart of
Chicago. This project is generating a tremendous amount of tenant
interest in this one-of-a-kind building,” said Grant Herlitz, President of The
Howard Hughes Corporation. “With Riverside, Goettsch Partners and Drew Nieman’s
group from CBRE, we have assembled a team with a proven track record for
creating iconic office buildings in Chicago. We are pleased to be advancing
through the city process and look forward to next steps.”

“One of
the few office building sites in downtown Chicago bounded by three streets and
the Chicago River, 110 North Wacker Drive is the last premier office site in
Chicago offering unmatched views of and from the building.” said James
Goettsch, FAIA, Chairman and CEO of Goettsch Partners. “The site’s trapezoidal
shape allows us to provide a series of stepped projections on the western
façade, enhancing views up and down the river, emphasizing the building’s
verticality and providing the building with a distinct identity. At street
level, almost half of the site is publicly accessible and features a soaring
covered riverwalk, supported by a distinctive structural design.”

The project
includes a voluntary $19.55 million payment into the City’s Neighborhood
Opportunity Bonus system due to its size. Eighty percent of bonus system
payments are allocated to the Neighborhood Opportunity Fund to support
commercial corridor improvements in underserved neighborhoods. The remainder is
split in support of designated landmarks across the city and infrastructure
improvements near the development site.

"This project
will add to Chicago’s skyline while continuing to build on our thriving
riverfront,” Mayor Rahm Emanuel said. “It will also benefit every corner of
Chicago by making the largest-to-date commitment to the Neighborhood
Opportunity Fund, which is designed to drive economic activity and create
amenities in our neighborhoods that need it most.”

The new high-rise
will take approximately two and a half years to build. A construction start
date has not been finalized.

The
Howard Hughes Corporation owns, manages and develops commercial, residential
and mixed-use real estate throughout the U.S. Our properties include master
planned communities, operating properties, development opportunities and other
unique assets spanning 14 states from New York to Hawaii. The Howard Hughes
Corporation is traded on the New York Stock Exchange as HHC with major offices
in New York, Columbia, MD, Dallas, Houston, Las Vegas and Honolulu. For
additional information about HHC, visit www.howardhughes.com
or find us on Facebook,
Twitter,
Instagram and Linkedin.

Safe
Harbor Statement

Statements
made in this news release that are not historical facts, including statements
accompanied by words such as “will,” “believe,” “expect,” “enables,” “realize,”
“plan,” “intend,” “assume,” “transform,” and other words of similar expression,
are forward-looking statements within the meaning of the Private Securities
Litigation Reform Act of 1995. These statements are based on management’s
expectations, estimates, assumptions, and projections as of the date of this release
and are not guarantees of future performance. Actual results may differ
materially from those expressed or implied in these statements. Factors that
could cause actual results to differ materially are set forth as risk factors
in The Howard Hughes Corporation’s filings with the Securities and Exchange
Commission, including its Quarterly and Annual Reports. The Howard Hughes
Corporation cautions you not to place undue reliance on the forward-looking
statements contained in this release. The Howard Hughes Corporation does not
undertake any obligation to publicly update or revise any forward-looking
statements to reflect future events, information or circumstances that arise
after the date of this release.

About
Riverside Investment & Development

Riverside
Investment & Development is a commercial real estate firm based in Chicago,
Illinois. Led by CEO John O’Donnell, Riverside actively pursues complex,
large-scale real estate acquisition and development opportunities across a
multitude of asset types, with a focus on transportation-oriented developments.
Additional information can be found at www.riversideid.com

About
Goettsch Partners

Goettsch Partners (GP) is an architecture firm with a
global perspective. Based in Chicago, with additional offices in Shanghai and
Abu Dhabi, the firm brings a singular approach to design that combines seasoned
experience with a passion for exploration and innovation. Completed projects
span five continents and represent a diverse range of types and sizes. Every
project design begins with multiple concepts that are evaluated for intrinsic
value, constructability and environmental impact. GP projects share a
consistent visual language of bold clarity that celebrates highly crafted technical
solutions delivering optimal performance. Visit www.gpchicago.com
for more information.